Development Agreement for Courtyards at Monmouth

Red Bank entered into a developer’s agreement with the builder of a proposed four-story apartment complex aimed for the corner of Monmouth and Oakland Streets called the Courtyards at Monmouth.

The procedural step was taken following a closed session meeting with Wednesday night and is essentially a general stamp of conditional approval issued after plans earn approval from Red Bank’s planning and zoning boards. The developer behind the project, GS Realty, plans on building a 45-unit complex facing Monmouth Street, as well as an additional dozen or so housing units on a separate lot on Oakland Street to satisfy affordable housing laws.

Council President Art Murphy said the agreement binds zoning rulings with an official resolution and ensures that the developer, if and when it begins to build the apartment complex, follows through on every approved step.

“We want to make sure the affordable housing units do get built,” he said. “Even if it’s on another lot.”

The complex will be located on what has long been a blighted corner in downtown Red Bank on Monmouth Street and just steps away from the Red Bank train station. Late in 2011, two abandoned and dilapidated homes, as well as a former vehicle service station, were demolished to clear the way for construction of the apartment building.

Plans to build apartments or condos on the site have been ongoing for more than a decade with plans and the property switching hands on at least a couple of occasions during that time.